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Gus Fleites Joins ProFund Advisors as Chief Investment Officer and Head of Exchange Traded Funds

Bethesda, MD, August 22, 2005 — ProFund Advisors LLC, investment adviser to the ProFunds family of index-based mutual funds, today announced the appointment of Agustin J. Fleites, CFA, as Chief Investment Officer effective August 29, 2005. 

Mr. Fleites, who will report directly to ProFund Advisors' Chairman and CEO Michael L. Sapir, will have investment oversight responsibility for the more than 90 funds managed by ProFund Advisors LLC. In his new role, Mr. Fleites will also lead ProFund Advisors' exchange-traded funds initiatives.

"We're delighted to welcome to our leadership team a professional of Gus's passion, drive and vision," said Mr. Sapir. "It is rare to find someone with his range and depth of experience in ProFunds' core business of managing index-based mutual funds. Moreover, he is one of the country's recognized leaders in the exchange-traded funds industry. There's no individual better suited to assist us in meeting the needs of our investors, unleashing the unlimited potential of ETFs and growing the company."

Mr. Fleites was formerly Senior Principal of State Street Global Advisors (SSgA), where he led a broad range of initiatives over his 18 years with the firm. As President of SSgA Funds Management and Managing Director of its Advisor Strategies unit, he managed SSgA's registered investment advisor business, and oversaw the distribution and management of the firm's registered mutual funds, exchange traded funds, and managed accounts businesses. He served as Chairman of the Board and President of SSgA's streetTRACKS family of exchange traded funds, Chief Executive Officer and a Director of the SSgA Funds, and a Director of the Select Sector SPDR Trust.

"ProFunds has always operated by listening to clients first and focusing on providing the tools they need to execute their investment strategies," said Mr. Fleites. "That spirit has driven the firm to a number of firsts in the fund industry and provided investors with the largest lineup of indexed mutual funds1. I believe the culture of innovation at ProFunds sets the firm up to take a leading role in the next wave of index-based products, including ETFs."

William E. Seale, Ph.D., Principal, Chief Economist and previously Chief Investment Officer of ProFund Advisors, will work closely with Mr. Fleites.

"Gus not only strengthens our investment capabilities immediately in the areas which have been our main focus, but he can help expand our offerings through his breadth of global experience he earned through his long and varied career," said Dr. Seale. "Gus has taken key leadership roles at every stage along the way, and has never stopped taking on new challenges. We're extremely fortunate to bring an investment veteran of Gus's caliber to our management team."

A Chartered Financial Analyst, Mr. Fleites earned his Bachelor's degree in Finance and Multinational Management from the Wharton School of the University of Pennsylvania and his Master of Business Administration degree in Finance from Babson College.

About ProFund Advisors LLC

ProFund Advisors LLC, located in Bethesda, MD, is investment advisor to ProFunds, the nation's largest lineup of indexed mutual funds1, with more than 40 fund choices. ProFund Advisors also manages the ProFunds VP products and Access One Trust. ProFunds do not restrict investors' abilities to react to financial or economic changes and shift their investments from one ProFund to another, although exchanges may have tax consequences.

Investing in ProFunds and Access One Funds involves certain risks, including in all or some cases, leverage, liquidity, concentration, non-diversification, high yield, interest rate, credit and repurchase agreement risks. These risks can increase volatility and decrease performance. Please see the ProFunds prospectus and Access One Funds prospectus for a more complete description of these risks. All ProFunds and Access One Funds permit active investment strategies which can decrease performance and increase expenses.

An investor should consider the investment objectives, risks and charges and expenses of ProFunds carefully before investing or sending money. The prospectus contains this and other information about ProFunds. To obtain a prospectus, please call 888-776-3637 or visit www.profunds.com. Financial Professionals should call 888-776-5717. The prospectus should be read carefully before investing. ProFunds Distributors, Inc., distributor.

1 Source: Lipper. October 14, 2004. Lipper defines "Indexed Fund" as an open-end mutual fund which is pure index, enhanced index or index-based, but is not an Exchange Traded Fund (ETF).

Media contact:

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com